Final Exam The exam is an individual effort and should not be discussed with others. Send your completed exam to your assignment folder by the last day of class. The purpose of the exam is to demonstrate your understanding of both written and discussion materials presented in this course. If you have any questions concerning this exam, please send me an e-mail. I will remove your name and post the question and response in the main news group. The test is composed of 30 T/F questions worth 2 points each for a total of 60 points, 5 multiple choice worth 2 points each for a total of 10 points, two short answer questions worth 15 points each.

Good Luck! The following are True / False (T/F). Please answer with a T or an F. If you are not sure about a question and feel that it could be ambiguous, please put a brief explanation to justify your answer. Put your answer on the excel answer sheet, answers not submitted with your answer sheet will not be considered. You may do this on up to 2 T/F problems for partial credit, if you attempt to justify more than 2, I will not give you any credit for your justifications. Your justification must be supported by a reasonable position. ) The internet has had not impact on financial service firms such as Meryl Lynch and Morgan Stanley F 2) The Federal Reserve is governed by the presidents of the world’s 10 largest banks. F 3) A sole proprietorship is taxed the same as a corporation or LLC. F 4) Working capital is the same as cash in the bank. F 5) Depreciation expense is a non-cash item. T 6) The book value and the market value of a stock are always the same number. F 7) The terms “merger,” “consolidation,” and “restructuring” all mean the same thing. F ) The job of an auditor in a normal financial statement audit is to determine if there is any fraud present. F 9) Zero coupon bonds be issued by any type of entity that has the ability to issue bonds. T 10) There are 13 significant ratios in financial accounting. F 11) There are no differences between tax and financial income. F 12) Extraordinary items are items that are both infrequent in occurrence and unusual in nature. T 13) Proforma financial statements are a very accurate gage of a businesses future income. F 14) The components of fixed and variable costs are typically the same items.

F 15) If airlines sold paint, it would much cheaper than at Home Depot or Lowes. F 16) Break even analysis is a useful tool for both large and small businesses. T 17) Seasonal fluctuations can have a dramatic impact on working capital. T 18) Financial leverage is good to have in a business because the more debt, the better off financially a business is. F 19) An individual conducting a sole proprietorship files Schedule C of Form 1040, a partnership files Form 1065, a regular (C) corporation files Form 1120, and an S corporation files Form 1120S.

T 20) Tax incentives are the same in every state. F 21) The use of float is an illegal system to maximize cash balances. F 22) Under Check 21, the banks now clear checks must faster. T 23) The 5 Cs of credit are character, capital, capacity, conditions, and collateral. F 24) The average collection period is the A/R divided by the average daily credit sales. F 25) Just in Time inventory management was developed by Ford Motor Company. T 26) Cumulative voting rights allow you to skip an election and vote more than once in the next election. F 7) Poison Pills are effective means to reduce the likelihood of a hostile takeover. T 28) Cumulative preferred dividends are paid first after the bond holders and before any common stock dividends have been paid. T 29) In today’s economic market, borrowing from a bank represents the lowest cost of capital to an organization. T 30) The real rate of return calculation includes a component for current inflation. T Please select the best answer in each problem. If you are not sure about a question and feel that it could be ambiguous, please put a brief explanation to justify your answer.

Put your answer on the excel answer sheet, answers not submitted with your answer sheet will not be considered. You may do this on up to 2 problems for partial credit, if you attempt to justify more than 2, I will not give you any credit for your justifications. Your justification must be supported by a reasonable position. 31) Where would a manager invest excess cash on a short term basis? A a. A short term CD b. Money Market Account c. Federal Funds d. A Lockbox System 32) LIBOR is: D a. The same as the Prime Rate b. Tied to the banks in Europe c. Only valid for loans over 30 days . The London Interbank Offer Rate 33) The benefits of debt are: a. Interest is tax deductible b. Debt may be repaid in cheaper dollars due to inflation c. Debt may lower the cost of capital to a firm. d. All of the above 34) The formula for a bond yield is determined using which of the following components: A I. Annual Interest Payment II. Principal Payment III. Total Interest Payments IV. Present Value of bond a. I & II b. I & III c. II & IV d. III & IV 35) The correlation between an interest rate on a debt instrument and the level of security is: C a.

The higher interest rate, the greater level of security b. The lower interest rate, the lower level of security c. The lower interest rate, the higher level of security d. There is not a practical difference in the security levels and interest rates in most cases. Please answer the following Essay Questions. Include any relevant code sections necessary to support your answer. 36)Kim, the president of Fulmar Corporation and currently owns 10,000 shares of the 200,000 shares outstanding. The current price of the stock is $100 per share. Fulmar needs to raise an additional $1,500,000 in new funds.

Fulmar’s income for 2005 was $875,000 after taxes. Interest rates are currently at 10%. The controller and financial advisors are trying to determine the best method to raise the additional funds and believe that stock rights are the best option. But they are unsure of how much of a discount would be required and are contemplating discounts of 10%, 20% or 30%. a. For each level of discounting, determine the subscription price, number of shares to be issued and rights required to purchase one share. b. Compute the EPS before and after the rights with a 20% discount. . How many shares will Kim have after the rights offer if she participated and bought 2,000 new shares? Please show all computations to get full credit. Kim owns 10,000 shares of the 200,000 shares. Outstanding shares are 190,000. Current price of stock is $100 per share. Total value of 10,000 shares is 10000×100. Earnings after taxes for Fulmar are $875,000. Interest rate is 10% To raise 1,500,000 at $100 a share, Fulmar will have to issue 15,000 shares. Shares outstanding are 200,000 and 15,000 new ones will be offered the ratio of old to new is 200,000/15,000=13.

Net cash flow from investing activities($290,000) Cash flows from financing activities: Increase in bonds payable$50,000 Preferred stock dividends paid($10,000) Common stock dividends paid($50,000) Net cash flows from financing activities($10,000) —————- Net increase in cash flows$130,000 (430000-290000-10000) Note: *the increase in investments was calculated from the difference of the Total assets (actual) versus total assets (stated) in the problem. Example, the total assets is stated as $1,910,000 for BOY whereas the actual calculated value is $1,830,000. The difference of $80,000 comes from the long term investment.

QuestionAnswer 1. Air is killed by: Acid in the stomach 2. Bile is made by: Liver 3. Bile is stored in: Gallbladder Chief cells produce: pepsinogen and chymosin 4. Parietal cells produce: gastric acid 5. Where most digestive absorption occurs: small intestine 6. Which intestinal hormone stimulates contractions within the walls of the gallbladder and pushes bile into the small intestine: cholecystokinin (cck) 7. Enzymes from the ________ do most of the digestive work in the small intestine: Pancreas 8. Microvilli, Plicae and intestinal villi: increase the absorptive surface area of the small intestine 9. Chemical Digestion of fat is...

This was it. I put my pen down. Putting my pen down meant that it was the end. As I waited for the invigilators to come forward to collect my paper, I reflected on my journey. It was strangely both lonesome yet exciting as I made new friends along the way, like those from my study groups and coffee. Coffee and I had become best friends and I could not live without it. That was then. Perhaps it was now time to start having some new friends. It all began when I almost failed all my subjects and the endless...

A flat work of art has two dimensions: ________ and width. Height The dark printed words on the page of a book are easily read because they are printed on a light ground. This is an example of the principle of ________. Contrast A line that gives viewers the impression that they are seeing a line where there is not a continuous mark is ________. Implied line A shape made of perfectly straight lines would probably be classified as ________ shape. Geometric A two-dimensional object is called a shape, and a three-dimensional object is known as a ________. Form This...

...the study of ancient Greek and Roman culture One of the dominant feature of Renaissance thought was... ...advocates of a liberal arts program of study Renaissance Humanists are best described as... ...Medici The dominant family of Renaissance Florence was the... Agricultural production Renaissance thought was primarily concerned with all of the following EXCEPT a. State-building and political participation b. Artistic expression c. Agricultural production d. Education (Write out the answer, not just the letter) ...Humanist literary figures Petrarch, Dante, and Boccacio were... ...practiced and excelled in a variety of activities or crafts Leonardo da Vinci and Michaelangelo personified the Renaissance...

Artists draw for many reasons, including: ________ To define their ideas Pencils have a range of values from very light to very dark. If you wanted a dark value, which of these pencil numbers would be the darkest 9B This drawing medium utilizes a piece of silver wire set in a holder. Silverpoint Samples of this drawing medium have been dated back to 30,000 BCE. Charcoal In which country was paper invented by Cai Lun, who made it out of macerated plant fibers suspended in water? China Paint in its most basic form is composed of ________ and a liquid...

During which decade did the Harlem Renaissance begin? 1920s Which of the following was referred to as "the greatest Negro city in the world" during the 1920s? Harlem The Harlem Renaissance was inspired by a book of essays entitled: The New Negro. The most important literary figure associated with the Harlem Renaissance was: Langston Hughes. Duke Ellington and Billie Holiday performed in Harlem at the: Cotton Club. In his early years, William Grant Still was associated with which artistic movement? the Harlem Renaissance William Grant Still composed music in all of the following genres EXCEPT: avant-garde electronic music. How many...

The Enlightenment The Western philosophy based on empirical evidence that dominated the 18th century. The Enlightenment was a new way of thinking critically about the world and about human kind, independently of religion, myth, or tradition. • Promoted scientific questioning of all assertions and embraced the doctrine of progress. Benjamin West, "The Death of General Wolfe," 1770 Jean-Jacques Rousseau ... Neoclassicism A style of art and architecture that emerged in the late 18th century as part of a general revival of interest in classical cultures. Neoclassical artists adopted themes and styles from ancient Greece and Rome. Jacques-Louis David, "Oath of...

Great Migration The migration of 1.5 million African Americans from the South to the metropolises of the North in the years 1915 to 1940 Harlem Hell Fighters The 369th Infantry Regiment, formed from the Fifteenth New York National Guard in Harlem, one of the most highly decorated fighting units of World War I Silent March A mass march orchestrated by the NAACP down New York City's Fifth Avenue on July 29th, 1917, to protest the horrific East St. Louis, Illinois, race riot of July 2 New Negro A term used increasingly after World War I to describe a growing assertiveness...

Jomsvikings Professional warriors formed into a formal organization. First established by Harald Bluetooth in 980 who built a fortress near the mouth of the ODER River - Jomsborg. Jomsviking Laws Icelandic records list laws underpinning the Jomsviking military society. -Warriors are between ages 16 and 40 -No man was to run from an inferior opponent -Jomsvikings avenge on another as brothers -No man is to indicate fear -Plunder is held in common -No one is to still dissension in the ranks -No spreading of rumors -No women in fortress -Leader to settle disputes Jomsviking Saga Tells of the King Magnus...

A succession of single tones or pitches perceived as a unit is called: a. an interval b. a melody c. a harmony d. a chord b A unit of meaning within the larger structure of a melody is called a: a. phrase b. stanza c. cadence d. climax a Musical punctuation, which is similar to a comma or period in a sentence, is called a: a. cadence b. syncopation c. chord d. scale a The striking emotional effect created by the high point in a melodic line is called the: a. cadence b. countermelody c. climax d. range c Music...

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Final Exam The exam is an individual effort and should not be discussed with others. Send your completed exam to your assignment folder by the last day of class. The purpose of the exam is to demonstrate your understanding of both written and discussion materials presented in this course. If you have any questions concerning this exam, please send me an e-mail. I will remove your name and post the question and response in the main news group. The test is composed of 30 T/F questions worth 2 poin